MarketsandMarkets forecasts the global text analytics market to grow from $1.64 billion in 2014 to $4.90 billion in 2019, at a CAGR of 18.1%. In terms of regions, North America is expected to be the biggest market in terms of market size, while Europe and Asia Pacific (APAC) are expected to experience increased market traction, during the forecast period.

The vendors in the text analytics market are constantly innovating and remodeling the existing architecture in order to develop more efficient software. Major vendors in the text analytics market include IBM, HP, Microsoft, Oracle, and SAP. The major forces driving this market are better customer understanding, and improved decision-making using the insights obtained from data analysis.

Technologies like big data analytics and predictive analytics in the text analytics market have promising growth opportunities for industry players. Text analytics offers a more tactical approach by providing actionable insights from analyzed data. Organizations have realized that in order to keep up with this enormous amount of information, they need to automate their data analysis. Text analytics has huge potential in improving customer experience through Customer Relationship Management (CRM) and exercising marketing and branding activities more efficiently and effectively.

Text analytics has empowered organizations to extract valuable business insights from textual sources such as survey responses, email and messaging, contact center notes, traditional and social media, etc. For a customer centric approach text analytics could be the answer to survey analysis for attending to the needs of customers by understanding their responses better and in a more competent way. Social media platforms are among the top contributors for large amount of data which could be beneficial for many organizations if analyzed with the appropriate tools.

Text analytics with multi-lingual support is the key to removing language barrier between a customer and a company which will help the company to establish and expand globally. Lack of awareness in terms of end use and software handling could hamper the growth of text analytics. Issues like deployment cost and non-compliance with existing Information Technology (IT) infrastructure could challenge the credibility of this technology.

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